Sharper Rise for 2021 Canadian Net Farm Income

Canadian realized net farm income was up even more sharply in 2021 than previously reported, as strong crop and livestock prices countered rising input costs and the drought-reduced Prairie harvest. 

A Statistics Canada report Monday pegged 2021 realized net income for Canadian farmers at $13.7 billion, up 49.8% from a year earlier. That is slightly above the 46.4% increase StatsCan originally reported back in May, although still well below the 2020 gain of just over 70%. In 2019, realized net farm income crept up just 5.1%. 

Realized net income is the difference between a farmer's cash receipts and operating expenses, minus depreciation, plus income in kind.